Comparison: Citi® Diamond Preferred® Card and Citi Simplicity® Card

Note: Some offer details in this article have expired and/or are being changed by the issuer. Appropriate updates will be applied to the article when the changes have been finalized.

If you are struggling with credit card debt, then one of the best options for you might be to do a balance transfer. This will allow you to move your current balance away from your high interest credit card and put it on a card that offers an introductory 0% APR. You will give yourself time to pay down your balance without accruing high finance charges along the way.

Two cards that offer a generous introductory period, no annual fees, and identical balance transfer fees are the Citi® Diamond Preferred® Card and the Citi Simplicity® Card from Citi, a Credit Cards Explained advertiser. In order to figure out which card might be the best for your situation, let’s walk through each of them and see how they might differ.

Citi® Diamond Preferred® Card

To help make it as easy as possible to pay off your current credit card debt, the Citi® Diamond Preferred® Card offers its cardholders an introductory 0% APR for the first 21 months balance transfers and 12 months on purchases. After the introductory period has ended the APR will shift to a 14.99% - 24.99%* (Variable) depending on your creditworthiness. For any balance transfer that you decide to make, you will be charged a $5 or 5% balance transfer fee (whichever is greater).

In addition to giving you the ability to transfer a balance, you will also be given several other great benefits. You will receive access to Citi Price Rewind, which will automatically refund you the price differential if your registered purchase is found for less. Cardholders will also receive worldwide rental car insurance, extended warranty coverage, and you can view your FICO score online for free at any time.

If you don’t particularly enjoy booking your travel plans or just want help with dinner reservations or concert tickets, then you might enjoy the 24/7 concierge benefit that you receive with the card. These are all pretty attractive benefits for a card that doesn’t have an annual fee.

Citi Simplicity® Card

Just like the Citi® Diamond Preferred® card, the Citi Simplicity® Card offers its cardholders an introductory 0% APR for the first 18 months on both purchases and balance transfers. After that the APR will become a 16.24% - 26.24%* (Variable) depending on your creditworthiness. On balance transfers, you will be charged a $5 or 5% balance transfer fee (whichever is greater).

In addition, the Citi Simplicity® card never charges late fees when you forget to pay your minimum balance before the due date. It also won’t assess you a penalty APR after a late payment. These are a couple of things that very few cards actually offer.

You can also get a few other benefits that are found with the Citi® Diamond Preferred® card. You will have access to Citi Price Rewind, worldwide car rental insurance, extended warranty coverage, and access to your FICO score for free each month. As an added bonus, you will be able to choose the payment due date that works best for you.

Knowing that you can get these perks without having an annual fee makes the Citi Simplicity® Card a solid choice for anyone looking to transfer a balance and pay down existing debt.

How Do These Cards Compare?

Both the Citi® Diamond Preferred® card and Citi Simplicity® card have a lot of similarities. They both offer their cardholders an introductory 0% APR on both purchases and balance transfers. The Citi® Diamond Preferred® 21-month offer on balance transfers is particularly competitive in the industry.

Both cards offer a lot of the same benefits like worldwide car rental insurance, extended warranty coverage, and access to view your FICO score at no cost. They both offer Citi Private Pass, which gives cardholders presale and VIP access to concerts, sporting events, as well as dining and different family entertainment.

Where these cards really start to differ is within their fee structure. They both come with no annual fee and they both charge a 5% balance transfer and 3% foreign transaction fee, but the Citi Simplicity® card doesn’t charge any late fees if you miss your due date. This could be a savings of $35 each month you’re late. The Citi Simplicity® card also does not tack on a penalty APR after late payments are made. The penalty APR on the Citi® Diamond Preferred® card is variable up to 29.99%.

The Bottom Line

If you are looking to transfer an existing balance or just want to have an extended period of time to pay off an upcoming purchase, then you will find both the Citi® Diamond Preferred® Card and Citi Simplicity® Card to be great options. You just need to decide if you are interested more in perks or the absence of fees.

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ABOUT THE AUTHOR

Sean Bryant is a Denver based freelance writer specializing in travel, credit cards and personal finance. With nearly 10 years of writing experience his work has appeared in many of the industries top publications. He holds a bachelor of arts degree in economics. He also runs OneSmartDollar.com. When not working Sean enjoys spending time with his wife, daughter and dog Charlie and can frequently be found on his bike or snowboard.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.

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EDITORIAL NOTE

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.